Indian stock markets witnessed a selloff for the second day on Monday, tracking weakness in global markets.
At 12.08, the indices had pared slightly with Sensex reducing losses to 311 points while Nifty was down by 96 points. It is a double blow for investors after the Sensex has lost almost 2,500 points since the Long Term Capital Gains (LTCG) Tax was proposed by Finance Minister Arun Jaitley in his 1 February Budget.
The mayhem at the Dalal street occured over tracking sharp losses in other Asian markets which was driven by a record-loss on Wall Street after investor worries peaked over rising U.S. borrowing costs.
"Spike in interest rates in the United States and inflation concerns led to initial sell-off, which got accentuated by over-bought positions. With 10 per cent LTCG tax, I would say Indian markets have turned 10 per cent unattractive", he said. The BSE Sensex was trading at 33633, down by 1,123 points.
Meanwhile, Finance Secretary Hasmukh Adhia was quoted as saying: "What happened on Feb 2 & Feb 5 was mainly because of global shakeup".
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"What happened on February 2 and February 5 was mainly because of the global shake-up".
The rout in global equities deepened in Asia as inflation worries gripped financial markets, sending U.S. stock futures sinking further into the red after Wall Street suffered its biggest decline since 2011.
In intraday trade, Sensex slumped almost 1,274.35 points to 33,482.81 points, while Nifty declined 371.40 points to 10,295.15. It hit a almost three-month low of $6,000 (Rs. 3.8L). Jaitley proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent.
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A sell-off in global markets created a sense of panic among both traders and investors on domestic bourses on Monday which are already coming to terms with the budget woes.
USA stocks saw their biggest one-day fall in six years on Monday, as investor profit taking brought the market back down from record highs seen in late January, after benchmark bond yields rose to a four year high last week.
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